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Dollar Drops as Fed Stimulus Seen Staying After Jobs Data

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(Reuters) – The dollar dropped across the board on Tuesday, hitting its lowest against the euro in nearly two years, as disappointing U.S. jobs data emboldened expectations the Federal Reserve will continue its easy money policy for the rest of the year.

The greenback hit an eight-month trough against a basket of currencies after data showed U.S. employers added far fewer workers than expected in September, suggesting a loss of momentum in the economy.

The data will likely add to the Fed’s caution in deciding when to trim its bond purchases. The Fed’s bond buying is negative for the dollar as it is tantamount to printing money.

The dollar also swooned against the safe-haven Swiss franc and higher-yielding Australian dollar, dropping to a 20-month trough and a 4-1/2-month low, respectively.

U.S. nonfarm payrolls increased by 148,000 workers last month, the Labor Department said. While the job count for August was raised, employment gains in July were revised lower and were the weakest since June 2012.

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